Santana Minerals is listed on the Australian stock exchange and has been reporting encouraging results from drilling on private farm land near the historic ruins of Welshtown and the Thompson Track.
The company said in a statement to the ASX on Friday there were four rigs operating on the Bendigo-Ophir Project and the funds raised would enable that to continue deep into 2024, as well as facilitating scoping and metallurgical studies to better define the potential production, flow sheet and cost profile of the project.
The company would continue to build its technical team and undertake advance permitting of the project, it said.
Santana Minerals Ltd executive director Dick Keevers said the company was "extremely pleased" with support from existing shareholders.
The company was also welcoming new institutional investors to the register, he said.
Mr Keevers said the placement and issue of 24.8 million fully paid ordinary shares (valued at $A0.625c ($NZ67.3c) per share) came at a time when drilling was "continuing to enhance our confidence" in the project.
Results announced as recently as May 3 were upbeat and the company looked forward to updating the market later this year, Mr Keevers said.
The company was also looking to raise another $3 million from eligible shareholders in a few months time, he said.
— Staff reporter
